China Oil And Gas Group Limited Stock Forecast
Stronger technical forecast for China Oil And Gas Group Limited stock price after Friday trading.
(Updated on May 24, 2024)
The China Oil And Gas Group Limited stock price gained 1.00% on the last trading day (Friday, 24th May 2024), rising from HK$0.201 to HK$0.203. During the last trading day the stock fluctuated 0.99% from a day low at HK$0.203 to a day high of HK$0.205. The price has been going up and down for this period, and there has been a 0% change for the last 2 weeks. Volume has increased on the last day along with the price, which is a positive technical sign, and, in total, 562 thousand more shares were traded than the day before. In total, 996 thousand shares were bought and sold for approximately HK$202.19 thousand.
The stock lies in the middle of a falling trend in the short term and further fall within the trend is signaled. Given the current short-term trend, the stock is expected to fall -6.02% during the next 3 months and, with a 90% probability hold a price between HK$0.187 and HK$0.200 at the end of this 3-month period. Do note, that if the stock price manages to stay at current levels or higher, our prediction target will start to change positively over the next few days as the conditions for the current predictions will be broken.
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0603.HK Signals & Forecast
A buy signal was issued from a pivot bottom point on Thursday, May 23, 2024, and so far it has risen 1.00%. Further rise is indicated until a new top pivot has been found. China Oil And Gas Group Limited has increased volume and follows the last lift in the price. This is considered to be a technical positive sign as volume should follow the price-formation. Higher liquidity also reduces the general risk. Some negative signals were issued as well, and these may have some influence on the near short-term development. The China Oil And Gas Group Limited stock holds sell signals from both short and long-term Moving Averages giving a more negative forecast for the stock. Also, there is a general sell signal from the relation between the two signals where the long-term average is above the short-term average. On corrections up, there will be some resistance from the lines at HK$0.203 and HK$0.203. A break-up above any of these levels will issue buy signals. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD).
Support, Risk & Stop-loss for China Oil And Gas Group Limited stock
China Oil And Gas Group Limited finds support from accumulated volume at HK$0.202 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.
In general the stock tends to have very controlled movements and with good liquidity the risk is considered very low in this stock. During the last day, the stock moved HK$0.0020 between high and low, or 0.99%. For the last week the stock has had daily average volatility of 1.90%.
Our recommended stop-loss: HK$0.190 (-6.20%) (This stock has low daily movements and this gives low risk. There is a buy signal from a pivot bottom found 16 days ago.)
Trading Expectations (0603.HK) For The Upcoming Trading Day Of Monday 27th
For the upcoming trading day on Monday, 27th we expect China Oil And Gas Group Limited to open at HK$0.204, and during the day (based on 14 day Average True Range), to move between HK$0.199 and HK$0.207, which gives a possible trading interval of +/-HK$0.0038 (+/-1.85%) up or down from last closing price. If China Oil And Gas Group Limited takes out the full calculated possible swing range there will be an estimated 3.70% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at HK$0.204 (0.49%) than the support at HK$0.202 (0.49%), our systems don't find the trading risk/reward intra-day attractive and any bets should be held until the stock is closer to the support level.
Is China Oil And Gas Group Limited stock A Buy?
China Oil And Gas Group Limited holds several negative signals and this should be a sell candidate, but due to the general chance for a turnaround situation it should be considered as a hold candidate (hold or accumulate) in this position whilst awaiting further development. We have upgraded our analysis conclusion for this stock since the last evaluation from a Sell to a Hold/Accumulate candidate.
Current score: -0.676 Hold/Accumulate Upgraded
Predicted Opening Price for China Oil And Gas Group Limited of Monday, May 27, 2024
| Fair opening price May 27, 2024 | Current price |
|---|---|
| HK$0.204 ( 0.328%) | HK$0.203 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for 0603.HK
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 0.206 | 1.31 % | |
| R2 | 0.205 | 0.94 % | ||
| R1 | 0.204 | 0.705 % | ||
| Current price: | 0.203 | |||
| Support | S1 | 0.203 | -0.0479 % | |
| S2 | 0.202 | -0.280 % | ||
| S3 | 0.202 | -0.657 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 0.208 | 2.46 % | |
| R2 | 0.206 | 1.48 % | ||
| R1 | 0.204 | 0.493 % | ||
| Current price | 0.203 | |||
| Support | S1 | 0.202 | -0.493% | |
| S2 | 0.201 | -0.99% | ||
| S3 | 0 | . |
0603 Dividend Payout History
| # | Ex-Date | Pay Date | Amount | Yield | |
|---|---|---|---|---|---|
| 1 | Jun 04, 2019 | Jun 04, 2019 | Jun 04, 2019 | HK$0.0040 | 0.98% |
| 2 | Jun 15, 2018 | Jun 15, 2018 | Jun 15, 2018 | HK$0.0035 | 0.530% |
| 3 | Jun 05, 2014 | Jun 05, 2014 | Jun 05, 2014 | HK$0.0065 | 0.550% |
| 4 | May 03, 2013 | May 03, 2013 | May 03, 2013 | HK$0.0059 | 0.433% |
FAQ
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